Jeddah oil summit concludes

June 22, 2008

Participants in the Jeddah energy summit today expressed concern at rising oil prices and called on all concerned parties to exert intensive efforts to stabilize global markets. They also urged investment in all sectors of the oil industry.

In a final communiqué, participants called for improved transparency and regulation in oil production and financial markets dealing in crude oil. They also urged that the Joint Oil Data Initiative be enhanced to improve market transparency and stability.

Representatives of more than 36 producing and consuming countries attended the meeting, as well as seven international organizations and a number of major oil companies.